Recent Developments in the CMEA Economies and Yugoslavia
Economic growth in the whole area accelerated to a rate of 3.9 percent in 1988, the performance of individual countries differing widely, however. Cyclical strength in the West stimulated East-West trade; this, along with clement weather conditions and exchange rate effects, contributed towards a recovery of exports to the West and a reduction in foreign indebtedness of most Eastern countries. Yet, technology in manufacturing kept lagging behind with production exhibiting a high input component of basic material and energy, and the grain harvest in the USSR was poor. Attempts at restraining domestic demand through inflation-induced cuts in household incomes proved successful only in a few countries. Prospects for East-West trade in 1989 are favourable due to the continued buoyancy of Western economies. However, the internal difficulties in most CMEA countries leave little scope for growth gaining further momentum.
Die Wirtschaft der RGW-Länder und Jugoslawiens 1988/89; Recent Developments in the CMEA Economies and Yugoslavia
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